COMMITMENTS AND CONTINGENCIES
|12 Months Ended|
Mar. 31, 2014
|COMMITMENTS AND CONTINGENCIES [Text Block]||
NOTE 12 – COMMITMENTS AND CONTINGENCIES
The Company has long-term leases for its offices under cancelable operating leases from August 1, 2013 through July 31, 2016. At March 31, 2014, future minimum contractual obligations were as follows:
On August 1, 2013 the Company entered into a 3 -year sub-lease agreement requiring a monthly payment of $2,085 for office space in Scottsdale, Arizona, with a basic monthly lease increase of 8% and 7% on each anniversary date. The Company or the landlord can cancel the lease with 30 days’ notice. The sub-lessor is an entity owned by the Company’s Chief Executive Officer and President.
On August 2, 2013 the Company entered into a 4 -year lease agreement for certain office equipment requiring monthly payment of $870.
The entire disclosure for commitments and contingencies.
Reference 1: http://www.xbrl.org/2003/role/presentationRef